Growth on Track Despite Mixed Data
· The May retail sales report came in better than expected, with sales rising 0.6 percent. Core retail sales were somewhat softer at 0.3 percent, which followed a downwardly revised figure for April, and indicate a more modest pace of consumer spending in the second quarter.
· Small businesses are gradually gaining confidence; the May NFIB index jumped 2.5 points to 94.4.
· Industrial production came in flat for May as lower utilities output offset modest gains in mining and manufacturing.
